NEW YORK, June 12 (Xinhua) -- Oil prices declined on Wednesday after data showed steady increase in U.S. crude inventories.
U.S. crude oil inventories increased during the week ending June 7, the U.S. Energy Information Administration (EIA) said on Wednesday.
According to its Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 2.2 million barrels from the previous week.
At 485.5 million barrels, U.S. crude oil inventories were about 8 percent above the five-year average for this time of year.
Analysts said increasing U.S. inventory prompted concerns that higher supply coupled with sluggish demand led by global economic slowdown would continue pressure the oil prices.
The West Texas Intermediate for July delivery decreased 2.13 U.S. dollars to settle at 51.14 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery dropped 2.32 dollars to close at 59.97 dollars a barrel on the London ICE Futures Exchange. Enditem